Harry Vaughn of Carry On luggage company $($well known for their famous Carry On My Itty. Bitty

Kitty Committee $-$ the six kitten carrier, and the extremely popular Vanilla Chinchilla Chilling Villa

air conditioned chinchilla carrier with a vanilla dust bath$),$ was planning to retire in $6$ years but was

recently inspired when he saw a video of Lily's Bee Calm in action and wants to start a collaborative

project to create special one$-$of$-$a$-$kind Bee Calm and Carry On BeeSpoke Bee Hotel. For his side of

the deal Harry will need to have $$260,000$ ready in $6$ years. He finds an account that pays $8\%$ interest

compounded quarterly. How much should he deposit now so that he has the $$260,000$ in $6$ years for

the Bee Calm and Carry On BeeSpoke Bee Hotel venture?

$($a$)(5$ points$)$ Which formula should you use?

$($b$)(5$ points$)$ Use the results from the step above to determine how much Harry Vaughn should

deposit for the Bee Calm and Carry On BeeSpoke Bee Hotel.